(a) No person shall make reverse mortgage loans pursuant to
the Reverse Mortgage Act without first obtaining authorization from the
Commissioner. An application for authorization to make reverse mortgage loans
shall be obtained from the Commissioner and shall be filed pursuant to Rule
.0101(b) of this Subchapter.

(b) The following fees shall be submitted with the
application for authorization to make reverse mortgage loans:

(1) A non-refundable application fee made
payable to the Commissioner in the amount set forth in G.S. 53-258(b);

(2) An annual fee made payable to the
Commissioner as set forth in G.S. 53-258(d).

(c) The application shall be in writing and verified by the
oath of the applicant.

(d) The application shall include:

(1) The applicant's Articles of Incorporation,
or General or Limited Partnership Agreement;

(2) A Certificate of Existence or Certificate
of Good Standing, not more than 90 days old, from the applicant's state of
incorporation;

(3) A Certificate of Authority to do business
in this State;

(4) A copy of the applicant's Certificate of
Assumed Name;

(5) Disclosure of any criminal proceedings
pending against or criminal convictions entered against the applicant, its
partners, directors, principal officers or controlling persons;

(6) Disclosure of any civil proceedings pending
against or civil judgments entered against the applicant, its partners,
directors, principal officers or controlling persons which involve fraud or
dishonesty;

(7) Disclosure of any civil judgments entered
against the applicant, its partners, directors, principal officers or
controlling persons during the past 10 years which have remained partially or
wholly unpaid;

(8) Disclosure of the following proceedings
involving the applicant: bankruptcy, assignment for the benefit of creditors,
receivership, conservatorship or similar proceeding;

(9) Disclosure of enforcement proceedings by
the Federal Housing Administration, Veterans Administration, Federal National
Mortgage Association, or any other federal or state agency against the
applicant, its partners, directors, principal officers or controlling persons
which involve licensure or business activities as a mortgage broker or mortgage
banker;

(10) A description of the applicant's business
operations and organizational structure;

(11) The addresses at which the applicant intends
to engage in business as a reverse mortgage lender, including branch offices
and the name of the branch manager at each branch office;

(12) A description of the business experience,
current business activities and education of the applicant, its partners,
directors, principal officers and controlling persons;

(13) Three business references, including one
bank reference.

(e) In addition to the documents and information described
in Paragraph (d) of this Rule, the Commissioner may require additional
information as necessary to make the findings required by G.S. 53-258 and G.S.
53-271.

(f) In the event of denial of an application, the
Commissioner shall refund in full any annual fee paid pursuant to G.S.
53-258(d).

(g) Incomplete application files may be closed and deemed
denied without prejudice when the applicant has not submitted information
requested by the Commissioner within 30 days of the request.